Clopack Company_process Costing MCQs

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Description

1. Clopack Company
manufactures one product that goes through one processing department called
Mixing. All raw materials are introduced at the start of work in the Mixing
Department. The company uses the weighted-average method to account for units
and costs. Its Work in Process T-account for the Mixing Department for June
follows (all forthcoming questions pertain to June):

Work in Process—Mixing Department



June 1
balance

28,000

Completed
and transferred

?

Materials

120,000

to
Finished Goods

Direct
labor

79,500

Overhead

97,000



June 30
balance

?



The June 1 work in process inventory consisted of 5,000
pounds with $16,000 in materials cost and $12,000 in conversion cost. The June
1 work in process inventory was 100% complete with respect to materials and 50%
complete with respect to conversion. During June 37,500 pounds were started
into production. The June 30 work in process inventory consisted of 8,000
pounds that were 100% complete with respect to materials and 40% complete with
respect to conversion.

Prepare the journal entries to record the raw materials used
in production and the direct labor cost incurred.

2. The June 1 work in process
inventory consisted of 5,000 pounds with $16,000 in materials cost and $12,000
in conversion cost. The June 1 work in process inventory was 100% complete with
respect to materials and 50% complete with respect to conversion. During June
37,500 pounds were started into production. The June 30 work in process
inventory consisted of 8,000 pounds that were 100% complete with respect to
materials and 40% complete with respect to conversion.

Prepare the journal entry to record the overhead cost applied
to production.

3. The June 1 work in process
inventory consisted of 5,000 pounds with $16,000 in materials cost and $12,000
in conversion cost. The June 1 work in process inventory was 100% complete with
respect to materials and 50% complete with respect to conversion. During June
37,500 pounds were started into production. The June 30 work in process
inventory consisted of 8,000 pounds that were 100% complete with respect to
materials and 40% complete with respect to conversion.

How many units were completed and transferred to finished
goods during the period?

4. The June 1 work in process
inventory consisted of 5,000 pounds with $16,000 in materials cost and $12,000
in conversion cost. The June 1 work in process inventory was 100% complete with
respect to materials and 50% complete with respect to conversion. During June
37,500 pounds were started into production. The June 30 work in process
inventory consisted of 8,000 pounds that were 100% complete with respect to
materials and 40% complete with respect to conversion.

Compute the equivalent units of production for materials?

5. The June 1 work in process
inventory consisted of 5,000 pounds with $16,000 in materials cost and $12,000
in conversion cost. The June 1 work in process inventory was 100% complete with
respect to materials and 50% complete with respect to conversion. During June
37,500 pounds were started into production. The June 30 work in process
inventory consisted of 8,000 pounds that were 100% complete with respect to
materials and 40% complete with respect to conversion.

Compute the equivalent units of production for conversion.

6. The June 1 work in process
inventory consisted of 5,000 pounds with $16,000 in materials cost and $12,000
in conversion cost. The June 1 work in process inventory was 100% complete with
respect to materials and 50% complete with respect to conversion. During June
37,500 pounds were started into production. The June 30 work in process
inventory consisted of 8,000 pounds that were 100% complete with respect to
materials and 40% complete with respect to conversion.

What is the amount of the cost of beginning work in process
inventory plus the cost added during the period for materials?

7. The June 1 work in process
inventory consisted of 5,000 pounds with $16,000 in materials cost and $12,000
in conversion cost. The June 1 work in process inventory was 100% complete with
respect to materials and 50% complete with respect to conversion. During June
37,500 pounds were started into production. The June 30 work in process
inventory consisted of 8,000 pounds that were 100% complete with respect to
materials and 40% complete with respect to conversion.

What is the amount of the cost of beginning work in process
inventory plus the cost added during the period for conversion?

8. The June 1 work in process
inventory consisted of 5,000 pounds with $16,000 in materials cost and $12,000
in conversion cost. The June 1 work in process inventory was 100% complete with
respect to materials and 50% complete with respect to conversion. During June
37,500 pounds were started into production. The June 30 work in process
inventory consisted of 8,000 pounds that were 100% complete with respect to
materials and 40% complete with respect to conversion.

What is the cost per equivalent unit for materials? (Round
your answer to 2 decimal places.)

9. The June 1 work in process
inventory consisted of 5,000 pounds with $16,000 in materials cost and $12,000
in conversion cost. The June 1 work in process inventory was 100% complete with
respect to materials and 50% complete with respect to conversion. During June
37,500 pounds were started into production. The June 30 work in process
inventory consisted of 8,000 pounds that were 100% complete with respect to
materials and 40% complete with respect to conversion.

What is the cost per equivalent unit for conversion?

10. The June 1 work in process
inventory consisted of 5,000 pounds with $16,000 in materials cost and $12,000
in conversion cost. The June 1 work in process inventory was 100% complete with
respect to materials and 50% complete with respect to conversion. During June
37,500 pounds were started into production. The June 30 work in process
inventory consisted of 8,000 pounds that were 100% complete with respect to
materials and 40% complete with respect to conversion.

What is the cost of ending work in process for materials? (Do
not round your intermediate calculation.)

11. The June 1 work in process
inventory consisted of 5,000 pounds with $16,000 in materials cost and $12,000
in conversion cost. The June 1 work in process inventory was 100% complete with
respect to materials and 50% complete with respect to conversion. During June
37,500 pounds were started into production. The June 30 work in process
inventory consisted of 8,000 pounds that were 100% complete with respect to
materials and 40% complete with respect to conversion.

What is the cost of ending work in process for conversion?

12. The June 1 work in process
inventory consisted of 5,000 pounds with $16,000 in materials cost and $12,000
in conversion cost. The June 1 work in process inventory was 100% complete with
respect to materials and 50% complete with respect to conversion. During June
37,500 pounds were started into production. The June 30 work in process
inventory consisted of 8,000 pounds that were 100% complete with respect to
materials and 40% complete with respect to conversion

What is the cost of materials transferred to finished goods?

13. The June 1 work in process
inventory consisted of 5,000 pounds with $16,000 in materials cost and $12,000
in conversion cost. The June 1 work in process inventory was 100% complete with
respect to materials and 50% complete with respect to conversion. During June
37,500 pounds were started into production. The June 30 work in process
inventory consisted of 8,000 pounds that were 100% complete with respect to
materials and 40% complete with respect to conversion.

What is the amount of conversion cost transferred to finished
goods?

14. The June 1 work in process
inventory consisted of 5,000 pounds with $16,000 in materials cost and $12,000
in conversion cost. The June 1 work in process inventory was 100% complete with
respect to materials and 50% complete with respect to conversion. During June
37,500 pounds were started into production. The June 30 work in process
inventory consisted of 8,000 pounds that were 100% complete with respect to
materials and 40% complete with respect to conversion

Prepare the journal entry to record the transfer of costs
from Work in Process to Finished Goods. (Do not round your intermediate
calculation.)

15. The June 1 work in process
inventory consisted of 5,000 pounds with $16,000 in materials cost and $12,000
in conversion cost. The June 1 work in process inventory was 100% complete with
respect to materials and 50% complete with respect to conversion. During June
37,500 pounds were started into production. The June 30 work in process
inventory consisted of 8,000 pounds that were 100% complete with respect to
materials and 40% complete with respect to conversion.

15-a. What is the
total cost to be accounted for? (Do not round your intermediate calculation.)

15-b. What is the
total cost accounted for? (Do not round your intermediate calculation.)

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